RRC-Dropable

Proposals Parent DAO Proposals
#1

Abstract
Since we are in need of a fresh wind for the Rari Chain, we worked hard the last months to design a new Reward Program which resulted in the Dropable Permissionless Minting App proposal which will feature decentralized access to a launchpad for artists, a new utility for the $RARI token which will involve curation of drops and a $RARI reward program. An all-in-one system up to date with the market.

At the same time, Rarible is working on Rarible v2. This means that they will also introduce decentralized access to a launchpad, not only for the Rari Chain, but for all blockchains. They also might want to use the available 400k $RARI rewards to promote that V2 once it goes live. On the other side, our proposal creates a revenue stream towards the treasury, so these $RARI rewards can be replenished.

This means our focus will really lean towards reviving the Rari Chain.

What we want to know from the community, do you have any feedback about the proposal itself, the mechanics, the vision, the features.

But on the same time, looking to the overal costs for development of the APP, marketing costs and working group costs, which will lean towards $150k USD, should we spend this amount in order to fulfill our goal?

Motivation
Once we look at the current market situation around NFTs, the market focuses on drops. Drops are affordable to mint and many of our competitors are miles ahead of us by offering decentralized access to a launchpad.
To catch up with this rapidly evolving market, we investigated our competitors, took the very best things from those competitors and turned it into 1 super system, the decentralized Dropable Permissionless Minting App for the $RARI Chain with $RARI upvoting features and a $RARI reward program attached to it.

We want to revive the Rari Chain and offer our creators and collectors the best possible tools to succeed in this beautiful world of web 3.

Rationale
The Dropable Permissionless Minting App is designed to make drops, exposure and rewards accessible for any artist, it makes collecting of NFTs and farming of reward points fun again and it enables a new way of curation for art.

Key Terms
Dropable - Permissionless Minting App
$RARI Upvoting feature
Reward Program
All-in-one Application
Campaign

KPI
Key Performance Indicators (KPIs) for Project:

Increase in Number of Participating Artists:
Aim to onboard a greater number of artists, expanding the diversity and quality of available content.

Expansion of Collections:
Focus on curating and launching new collections, enhancing the platformā€™s offering and attracting a broader audience.

Growth in Collector Base:
Target a measurable increase in the number of active collectors, fostering a more engaged community.

Increase in Active Minters:
Strive to onboard more users actively minting, boosting overall platform activity.

Revenue Growth for Treasury:
Drive higher revenue generation directed towards the treasury, ensuring long-term sustainability.

Enhanced Use Cases for $RARI Token:
Develop and implement new use cases for the $RARI token, increasing its utility and adoption within the ecosystem.

Sustained Upward Trend in Mints During Campaign:
Monitor and achieve a consistent upward trend in the number of mints throughout the duration of the campaign, indicating successful engagement and participation.

These KPIs should provide clear, actionable goals to drive the projectā€™s success. Let me know if you need further adjustments or additions!

Proposed GTM
Target Audience: Creators & Collectors & $RARI Holders

GTM

  1. First things first, the development of the permissionless minting app.
  2. Once we start the development of the permissionless minting app, 2 months prior to the start of the Reward program, weā€™ll set up the marketing campaign to start off the promotion of our new permissionless minting app. Layer 3 quests will be used.
  3. Weā€™ll find artists to launch with through art contests on The Hug and through wildcards by Rarible and the Rari Foundation itself, this will all happen in the month ā€œNovemberā€. Artists will be supported by creating their first drop in the permissionless minting app if needed. Rarible / Rari Foundation will boost these (partnership) drops.
  4. Market our way to the launch date by using our Social Media accounts and advertisement on the Rarible homepage.
  5. Make use of quests to start off the campaign. This will focus on social exposure and buying a $RARI token on the $RARI Chain and using that token to curate drops in the permissionless minting app.
  6. Start of Season 1 will come with lots of excitement.
  7. Dzonson will participate in and supervise the program during each season, reporting any suspicious activity, bugs and glitches in the app during our weekly working group calls.
  8. End of Season 3 will come with an evaluation period, platform fee structure will be changed and a possible termination or continuation of the reward program will follow.

Timeline

  1. DAO Timeline, Forum + Proposal + Execution - September
  2. Permissionless Minting App Development - October / November
  3. Weekly Working Group Meetings - Entire Timeline
  4. $RARI token on $RARI Chain upvoting integration - October / November
  5. Testing + Integration - November
  6. Start of Season 1 - December
  7. Start of Season 2 - January
  8. Start of Season 3 - February
  9. Working Group Evaluation period - First + Second week of February
  10. Forum Post Sharing Results + Recommendation - Third week of February
  11. New DAO Proposal - Last week of February

Details
Permissionless Minting App for the Rari Chain (Droppable)

ERC-721 and ERC-1155 open edition drops, fixed price / custom price.

  1. Lvl 1 : 0.001 ETH - 200 points
    Creator - 50%
    Rari Foundation - 35%
    Referral link - 15%

  2. Custom Price - 15 points per 0.0001 ETH
    Creator - 100%
    Rari Foundation - 0.0006 ETH (additional fee)
    Referral link - 0.00025 ETH (additional fee)

  • Minting Pages for every drop
  • Farcaster Frames for all minting pages + referral links
  • Once people click on the mint button, they can leave a message which will appear on the minting page.
  • After minting a drop, a pop up will appear with the possibility to share the drop with their referral link, which is basically their wallet address attached to the minting page link.
  • Take example by Mintpadcoā€™s functions and UI as shown in the Rari Chain grants call. This will be our example to go, or maybe even a possibility to hire their devs or buy their app.

Super Member Dashboard

  1. Member Statistics on the home page
  • Overall Leaderboard Rank
  • Total Points (
    a. Minting drops
    b. Point commission for creators
    c. Point commission for referral link
    d. Upvoting
    e. Bidding
    f. Secondary Market Purchases
  1. Creator Earnings in ETH
  2. Referral Link Earnings in ETH
  3. Current $RARI Locked
  4. Live feed of activity happening in the Dropable app and reward program.
    a. Referral Commission Earnings
    b. New Mints
    c. $RARI locks
  5. Access to the Dropable permissionless minting app
  6. Explore page for drops, upvoted $RARI drops first accordingly.
    a. Ability to filter - > upcoming drops
  7. Lock Orders, a simple page to have an overview of all your locks, and the ability to unlock your $RARI, or lock more $RARI.
  8. Rewards
    a. Explanation of the Reward program mechanics throughout the seasons
    b. Claim button (Only 30 days to claim)
    c. Tier Progress Bar
    d. Roadmap with dates
  9. Leaderboards
    a. Global Point Leaderboard
    b. Best performing drops in number of mints
    c. Referral Earnings Leaderboard
    d. Upvoting Leaderboard
    e. Creators Leaderboard
    f. Trending collections in secondary market volume (S2 + S3)
  10. Create a drop brings you to the drop dashboard.
    a. Create Drops
    b. List of created drops
    c. Edit drops
  11. Admin Dashboard
    a. Ability to expel drops and users from the reward program (in case of copyright strikes or cheating)
    b. Adding / editing promo banners (grants program/advertisement)
    c. Adding Drops that mint in exotic tokens, for example meme coins.
    d. Custom Fees.
    e. Only accessible by Rari Foundation / Rarible
    f. Create or Assign drops on the Rari Chain that will earn ā€¦% of boost in earning of points. (Rarible OG collection example, new mint)

$RARI Upvoting System
One of the new use cases of the $RARI token involved in this proposal, is the ability to upvote and boost point earning on drops by Soft Locking/Staking $RARI on drops.

For this to happen the $RARI token has to be bridged to Arbitrum first as proposed in the Forum post, these events will fall perfectly together on our timeline.

How the system will work:

  1. 100 $RARI locked = 10% point boost on drop
  2. 10 $RARI locked = 1 point every 4 hours
  3. Maximum $RARI locked per drop = 9,000 $RARI
  4. Maximum $RARI locked per drop = 1,000 $RARI per member

No cap in total per member

  1. Drop ends = no more point earning
  2. Unlocking = Manually or by Admin

Locked $RARI on Drops will immediately affect the pre-determined point distribution on drops.

Both Rarible and the Rarible Foundation will get 1000 $RARI each to use to promote and boost their partnership drops. Once the reward program ends these funds will be returned to the treasury of the Rari Foundation.

Rari Rewards No Gain = No Pain Tier system
Total Budget across seasons - 300k $RARI

Volume is based on Mints and Secondary Market Volume within the created collections through the permissionless minting app.

Budget per Season = 100,000 $RARI

  1. Tier 1 = 10,000 $RARI
    Volume needed = $1 USD

  2. Tier 2 = 20,000 $RARI
    Volume needed = $200,000 USD

  3. Tier 3 = 40,000 $RARI
    Volume needed = $400,000 USD

  4. Tier 4 = 60,000 $RARI
    Volume needed = $600,000 USD

  5. Tier 5 = 80,000 $RARI
    Volume needed = $800,000 USD

  6. Tier 6 = 100,000 $RARI
    Volume needed = $1,000,000 USD

If not all $RARI rewards are used throughout the seasons, weā€™ll send the remaining amount back to the Reward Wallet.

The community has to mint NFTs and trade on secondary marketing (Seasons 2+3) if they want more rewards.

Visualisation
(not the final design)
https://drive.google.com/drive/folders/10WEeHQad5jb7AkltoPZhi1oKGqYj4Iho?usp=sharing

Mechanics

Points Logic
This reward program weā€™ll work with ā€œPointsā€. Each user can earn points for completing certain onchain actions in our permissionless minting app reward program. The points are according to the value of that onchain action.

The points for each member will reset to 0 at the end of each season.

Points for minting a drop are pre-determined, but can vary depending on the amount of $RARI locked on a drop.

  • 0.001 ETH = 200 points - Excluding boosts
  • Custom Price - 0.0001 ETH = 15 points - Excluding boosts

Values for secondary market purchases are tied to the USD value of an NFT at the time purchases.

  • 1 $USD = 125 points

Bids will earn a minimum amount of points every 10 minutes, the biggest gain in point accumulation will happen once the bid gets accepted. This to prevent a bidding monopoly on drops.

  • 1 $USD = 1 point - Every 10 minutes

Bids within a 75% range from the floor price will be eligible.

The most interesting part of the point accumulation lies in upvoting. Upvoting can earn a lot of points while it also encourages holders to use the $RARI token, but at the same time it boosts the points you get during the mint. In a way it earns you a lot of points, but also makes drops more attractive to mint since they earn more points for minting.

Proposed 100 $RARI locked = 10% boost in points on a drop, with a maximum of 9,000 $RARI locked per drop, which would result in a 10x boost (1000%)

Upvoting $RARI wonā€™t create volume directly, so they wonā€™t impact the Tiers in any way. Our aim is that more people will use the $RARI token to curate drops, which will lead to a boost of points earning on the drops.

Referral Link mints will earn fees, but also an additional 5% of the total points accumulated for minting. This will make it extra interesting for them to promote their links.

Total Point accumulation across the seasons will determine the participants % in the reward program.

Lets calculate some points!

9,000 $RARI locked - 900 points every 4 hours
9,000 $RARI locked on a drop = 10x / 1000% boost in points
5400 points every day.
162,000 points every 30 days.
0.3 ETH purchase volume - 0.01 ETH every day
Minimum of 2000 points every day excluding boosts

Minting 10 x 0.001 ETH drops a day
300 drops minted in 30 days
300x 200 points = 60,000 points
Points boosted by 200% = 120,000 points
Points boosted by 300% = 180,000 points

6 ETH purchase volume - according to the value of 10,000 $RARI at $1,50
0.2 ETH every day
Minimum of 40000 points a day
Minting 200 x 0.001 ETH drops a day
6000 drops minted in 30 days
1,2 million points in 30 days

Purchasing on the Secondary Market earns slightly more points in Seasons 2 and 3, but will be left behind by earnings on boosted drops.

Reward Program Mechanics
3 Seasons to begin with

  1. Minting + upvoting with $RARI + Referral link
  2. Minting + Trading + Bidding + upvoting with $RARI + Referral link
  3. Minting + Trading + Bidding + upvoting with $RARI + Referral link

Minting

  1. Predetermined points affected by the amount of locked $RARI.
  2. Creator earns 5% points on each mint when someone mints their drop.
  3. Referral link mints earn 5% of points for the referral also.

Trading
Points to be determined on value of NFT sale.

  1. 1 USD = 125 points
  2. 0,01 USD = 1.25 point
  3. 7.5% platform fee on each secondary market trade

Bidding

  1. Bidding will earn much less points, 1 point per $USD worth, every 10 minutes.
  2. Focus on points will be made once the bid has been accepted.

Upvoting

  1. 10 $RARI = 1 point every 4 hours
  2. Maximum of 1k $RARI lockable per drop.
  3. No limit of total $RARI locked per member.

Fees Splitting
All fees earned through the Dropable Permissionless Minting App, according to the proposed fees, will need to be set through the DAO. After the completion of the reward program the fees for the use of the minting app will change according the results from our evaluation.

Any changes in this fee structure will have to go through the DAO.

Rarible Rari Chain Marketplace fees (secondary market)

  1. We go with new marketplace fees for collections created through the Dropable App for the duration fo the Reward Programm, 7.5% additional secondary marketplace fees for the Rari Foundation.

Plan of Distribution
Earned $RARI rewards throughout a season will be distributed at the end of a season.

  1. Fully Automated
  2. Total point accumulation per user shared by total point accumulation gained by all users times the amount of available $RARI rewards.
  3. Claim period of only 25 days, any unclaimed rewards after that 25 day period will be send back to the Rari Foundation treasury.
  4. Amount of $RARI rewards per season according to the tier system.
  5. No locking period.

Proposed Budget
Budget 85K RARI for development of the permissionless minting app including the working group and marketing budget.
300k $RARI Rewards to start the launch with according to the tier system, remaining funds will be returned, or used for a continuation of the Reward program if successful. (no gain - no pain)

RARI Resources

  • Technical Support (2x Developers)
  • Co-Marketing Rarible X RARI

Budget Breakdown
Proposed 85,000 $RARI

60,000 $RARI - Development of the Permissionless Minting App by Mintpadco

  1. We spoke to the Mintpadco guys and they wants around $75,000 - $100,000 USD for the development of the entire app and the mentioned functions.
  2. If our proposal gets through in the DAO they can start in October.
  • 11,500 $RARI Working Group Budget

  1. Forexus: 4000 $RARI
    Creator of the Reward Program / Working Group Supervisor
    2000 $RARI paid at the start of the working group
    2000 $RARI paid at completion of the permissionless minting app and start of the reward program.

  2. Dzonson: 3500 $RARI
    Advisor of the Reward Program / Reward Program Floor Supervisor.
    2000 $RARI paid at the start of the working group
    500 $RARI paid at the end of each Reward Season, up to 3 seasons, total 1500 $RARI

  3. Developers Rarible / Rari Foundation: 4000 $RARI
    Set aside for Rarible / Rari Foundation developers.

  4. Marketing: 11,500 $RARI

  5. Boost Funds: 2000 $RARI (1k Rarible - 1k Rari Foundation)

ROI plan

  • 85,000 $RARI - 27-8-2024 - $1,77 per $RARI - $153,990 USD total

  • Plaftorm fees for each mint done through the app.

  1. 27-8-2024 - ETH $2621
  2. 0.00035 ETH per mint = $0.91

What the Rari Foundation will earn in fees

Mints USD to Treasury Volume in USD
200,000 = $182,000 USD - $520,000 USD
300,000 = $273,000 USD - $780,000 USD
400,000 = $364,000 USD - $1,040,000 USD
500,000 = $455,000 USD - $1,300,000 USD
600,000 = $546,000 USD - $1,560,000 USD
700,000 = $637,000 USD - $1,820,000 USD
800,000 = $728,000 USD - $2,080,000 USD

800,000 x 0.001 ETH mints needed to play equal for the development of the Permissionless minting app, working group and to cover the total amount of 300k Rari Rewards.

Outgoing $RARI rewards = 30,000 - $53,100 USD
Outgoing $RARI rewards = 60,000 - $106,200 USD
Outgoing $RARI rewards = 120,000 - $212,400 USD
Outgoing $RARI rewards = 180,000 - $318,600 USD
Outgoing $RARI rewards = 240,000 - $414,800 USD
Outgoing $RARI rewards = 300,000 - $531,000 USD

According to the calculations we would need $1 million USD in volume across 3 seasons to play equal, according to 100k $RARI rewards.

Working Group

  • Jana - Rarible / Rari Foundation WG Consult
  • Forexus - Reward Program Creator / Supervisor
  • Dzonson - Reward Program Creator / Floor Supervisor
  • Addigator - Foundation Member / DAO division
  • Developer 1 - Mintpadco
  • Developer 2 - Mintpadco
  • Developer Reward Program - Christiaan / Eugene
  • Graphic Designer - Mintpadco
  • Marketing Aubrey & James - Rari Foundation / Rarible

Source Document:

8 Likes
Proposal Overflow Call
RARI DAO Weekly Highlights - August 26-September 1, 2024
RARI DAO Weekly Highlights - September 16-22, 2024
RARI DAO Weekly Highlights - September 9-15, 2024
#2

Thank you so much for putting this for discussion. Shows a great deal of research and brainstorming to come to this.

Iā€™d appreciate if you can elaborate a bit more on the opportunity for $RARI holders. I ask mostly as there will be people interested in locking their $RARI to participate for the rewards, but maybe not investing so much time and attention in participating in these campaigns/seasons.

Also, I was wonderingā€¦ if I lock my $RARI to participate in this program, will I still be able to delegate my $RARI to participate in governance?

Great job team. This looks very promising!

4 Likes
#3

Once the program goes live, you will be able to lock your $RARI on drops created through the app. Once you lock your $RARI, every 4 hours you will earn points in the reward program and at the same time help an artist get more mints and exposure. Once you are going to lock your $RARI, you will probably do that on the drops that appeal to you the most, the ones that stand out numbers wise, and the ones that stand out artistic wise. So without spending any money, $RARI holders will be able to participate (excluding RARI chain transaction fees, they should be minor).

If you are locking your $RARI to participate in DAO governance, you will not be able to use those tokens to participate in the program in the current setting of the DAO.

1 Like
#4

And thanks for the great words, really appreciate it @Jaf

#5

thanks for the response. A couple of follow up questions:

Iā€™m wondering if this idea idea been explored? 'cause if there was a way to not limit participants in the program to also participate in governance it would be a win-win.
If the ā€œlocked tokenā€ concept doesnt change from Governance to this program ā†’ then maybe its doable?

just a quick note on this one.
would be interesting if there was a way to support more the artists that are not so attractive numbers wise. Like in sports betting - they pay better if you bet on the underdog.

1 Like
#6

It should be discussed, for me now it is unclear what is going to happen to the locking system once the $RARI token goes live on the Rari Chain.

I personally will lock my $RARI on the drops that appeal to me the most art wise, thats how I will curate myself and see it in front of me. By introducing the upvoting system being on top of the list becomes accessible to anyone. And if you as an artist do not have the funds to buy $RARI and soft stake it on your own drop, we as RARI holders might recognise the artist and use our $RARI to give the artist more exposure.
We as a DAO together could have a strong vote in what will be trending too, and maybe it will be fun to create weekly meetings to see what we are going to upvote the next week.

1 Like
#7

Thanks for this well researched proposal. Can you please help me understand the following:

  • As I understand the current state of chain usage is a reflection of the overall drop in interest in collictables as a usecase for NFTs. Is there any report or third party links that you can point to which shows

a. sustained growth in this segment i.e. collectibles
b. sustained chain usage AFTER incentives dry up

As I understand the DAO wallet is used to simply receive and forward the funds? Is there any possibility for the DAO to retain a cut?

This seems pretty low for any dev job. Is the foundation subsidising the rest of the cost?

  • Finally I see many foundation contributors listed on the WG. Have these contributors already agreed to participate in this project or is this a suggestion?
1 Like
#8

Thank you Jenga Jojo for your questions! Let me elaborate.

The best example to this would be Coinbaseā€™s Onchain Summer campaign, which ended September 1st. Since the start of the program there was a rise in statisctics, hitting a critical mass at the end off the campaign (I can tell with 2 mints I did there, first did 10k mints and the last one 61k mints).
However, 2 days after the campaign, activity and statisctics are shrinking again.

As an artist I will stay on $BASE, I will keep creating, however, I will probably not use Coinbaseā€™s launchpad without marketing support or exposure. So with $RARI upvoting we bring exposure, I will most likely use this to get on top in the Dropable app after the incentives dry up.

And if those incentives dry up, that means the $RARI price has risen significantly. We basicaly create a stream of revenue towards the treasury, which could replenish all the $RARI untill a certain price point. After 3 months weā€™ll evaluate, see if we can continue giving out incentives. Most ideal scenario would be to keep doing this forever.

This is the best feedback I can give about these 2 questions based on our research.

The Rari Foundation will pay everyone according to the proposal and work that has been completed. So when the devs start to work, theyā€™ll receive some funds, and upon completion, theyā€™ll receive the remaining amount of funds.
@jengajojo should we specify this more in the proposal?

The Rari Foundation/Rarible devs will focus on the mechanics for the $RARI rewards. Since they already get paid for their work by these entities, consider it as a bonus. Correct me if I am wrong here.

3 Likes
#9

Wow, thereā€™s a lot of information here. Thanks for putting this proposal together. I have a few questions:

1.	Will the minting app be exclusive to the RARI chain, or will it work on other chains as well?
2.	Wouldnā€™t it make more sense to have the drop/mint tool on rarible.com rather than as a standalone tool?
3 Likes
#10

Thank you for your great questions @andreitr

  1. Our focus will lay on reviving the $RARI Chain since this proposal doesnā€™t align with Rarible their plans. Rarible will be working on a V2 which will include a permissionless minting app for all chains, in a different approach then is referred to in this proposal. That will take more time to happen, in the mean time we could launch this initiative during the winter, build something that will benefit the creator, collector and $RARI holder, and create a revenue stream towards the treasury.
    Integrating all blockchains available on Rarible will kill the purpose of reviving the Rari Chain also since other chains like BASE might take the overhand.

  2. It does make sense to me, however Rarible their plans do not align with this proposal, they are developing their own Permissionless minting app. Thats why this will run as a standalone campaign right now, focusing on reviving the Rari Chain, introducing a new utility for the $RARI token and doing $RARI rewards the right way.

Thats why feedback / critics from the community are very important right now, we believe we did the right research and have a masterplan, however these plans do not align with Raribles vision and plans right now.

3 Likes
#11

Thank you @forexus @dzonson.eth for spear-heading work on this detailed reward program via the permissionless minting app, Dropable, and its aim to revive Rari Chain.

Especially like the dashboard design, upvote and leaderboard systems, as well as the points logic.

Just wondering how to navigate around quests and user retention;

Are there any specific methods that will be used to mitigate possible mint fatigue? I remember last time out, the art drops were successful at the start, but saw less and less activity during and after the quest period. Capturing and maintaining that initial traction will be massive for Dropable.

2 Likes
#12

My biggest reservation is that this app might ā€˜competeā€™ with whatever Rarible is doing and could become obsolete in the near future. Additionally, the ROI assumptions are purely speculativeā€”achieving even 1 ETH of revenue per month would be a significant challenge.

2 Likes
#13

Our suggestion in this case would be to make use of a Layer 3 quest campaign to start the initiative up, we can then let participants mint NFTs, and give them small rewards in return for Layer 3 quest rewards, while introducing them to our Dropable App and allowing them to earn more rewards. Marketing wise James and Aubrey are going to help ofcourse.

If we look to Baseā€™s Onchain Summer Campaign, they created collections for several occasions, like their top meme Coin Toshi, the Nouns DAO third anniversary and the Stand With Crypto campaign. If we can organise similar events where we collaborate with other crypto companies and we let artists compete for some extra $RARI locked on their drop, we could be heading towards great results.

I do understand what you mean with 1 ETH of revenue per month, that means weā€™ll have to cover the development of the Dropable app, and the minimum of 30k in $RARI rewards as explained in the Tier System and will probably terminate the system after 3 months and end up with a loss.

If you ask me as a collector and artist, this is the system I want to launch drops, collect NFTs and earn rewards while doing so. Campaign wise Baseā€™s onchain summer campaign gave me the best vibes, got some amazing results in a bear market, allowed me to discover the fun of collecting NFTs while earning points towards a possible reward and gave me success as an artist once I made it on there.

We will have to market it, and itā€™ll work.

What you say about ā€œcompete with Raribleā€, I would love to cooperate with them, sadly Raribles vision and roadmap does not align with our proposal here. So at this moment, really see it as a 3 month campaign starting in the December month with the purpose of reviving and promoting the RARI Chain.

Everyones feedback here is greatly appreciated.

2 Likes
#14

The questers from Layer 3 will be farming rewards in a way more fun way on the Dropable app then the Layer 3 quest website, we just have to transfer them from 1 quest campaign to a following up campaign.
I would like to see a lot more art that I can mint then I saw in the Onchain Summer App from Base, thats basicaly why we make access to the Dropable ā€œdecentralizedā€ and let curation depend on amount of $RARI upvoted on a drop.

If iā€™m tired of minting, I can always promote other drops and earn referral commissions to load up with funds again in order to mint more. Weā€™ll be working towards a clear roadmap regarding rewards, and point farming will be a comperition between the promoters, collectors, artists and $RARI upvoters. So there will be an urge to collect more points (mint more).

1 Like
#15

Got it. I think this is a significant request for a project with so much uncertainty. I would vote in support of a smaller MVP (1-month build time, 1 artist, and a clear list of KPIs) to test your key assumptions. I hope this helps.

2 Likes
#16

I agree with @andreitr . Considering this as an experiment with the highest chances of success within a three-month timeframe, itā€™s hard to foresee a positive ROI after such a big investment.

If thereā€™s an opportunity to run a pilot before committing to the $75,000 - $100,000 USD expenditure (which seems high IMO), Iā€™d much prefer to explore that option.

1 Like
#17

Thanks for this detailed proposal. We have some comments and concerns about the strategic approach toward Rari Chain:

Questions and comments about the proposal:

Maybe this has been addressed in the past, but could you briefly explain where do these 400k RARI currently sit in, are they part of Rarible holdings?

Just to have clear naming, if ā€˜Seasonsā€™ are meant to last 1 month, I think calling them ā€˜Sprintsā€™ instead would be clearer, as Season has a lengthier meaning (at least 3 months).

Would the DAO own the Droppable app and all its contracts and retain ownership if the app was bridged to other chains?

  • If the mint happens without any referral link, does the fee go to the Creator or to the Rari Fdn?

Could you provide situational examples of different users staking different amount of $RARI, e.g., what benefits do users X, Y, Z get for staking 100/500/1,000 $RARI?

Just to note, again for clarity, a 1000% boost corresponds to an 11x in rewards, as in a 100% boost you receive 2x the rewards, with a 200% boost you receive 3x and so on.

If we assume this is the breakdown of the working group (excluding marketing and Boost funds), allocations add up to 11.500 $RARI, what are the extra 3.500 $RARI used for?

What metrics are we hoping to achieve in each season?
Example metrics: volume, # of drops, # of users, % increase in rari chain activity.

O-----------O-------------------------0-----------------0

Overall feedback:

This proposal can be fleshed out into two parts: the dropable minting app and the rewards system.

  • Strategy-wise, we consider developing a decentralized minting app in parallel to the development of the Rarible app is not an efficient use of funds, so we position ourselves against this part of the proposal. People can already mint NFTs through the Rarible interface, and as you mention Rarible is planning to develop their own decentralized minting platform, so why building another one in parallel? The Rarible app can be a great driver of users and revenue to the Rari Chain, so the Rari Chain should focus on complementing Rarible and provide value towards the decentralization of the marketplace, not competing with it.

  • As an experienced grant manager in the web3 space, we recognize the value of user-aligned incentives and we support the development of incentives that bring new users to the Rari chain. The points system seems to be well thought. However, in order to bring more attention and user-stickiness, we would suggest strategic collaborations with popular digital artists and collections that would remain valuable in the future, and not only during the reward period, as we have frequently seen how incentive programs can easily attract mercenary user that will leave as soon as the program is ended.

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#18

Thank you @Jose_StableLab for the detailed questions and feedback.

I forgot to add this, nice catch!
When no Referral link is used, the fee goes to the Rari Foundation Treasury. The calculations that were made in the ā€œROI Planā€ section were calculated with 35%, not 50%. So those calculations are a sad reflection on what happens if everyone does mint through referral links, and the Rari Foundation treasury only gets 35%. These ROI forecasts can only become more positive :slight_smile:

Thats the available budget for a $RARI reward program, mentioned by @insider0x during a call. Will double check where this is coming from exactly :slight_smile:

ā€œSeasonsā€ is a common term used in crypto when you are referring to point collecting across several seasons / stages in a reward program.

It is an initiative coming from the DAO, so the Rari Foundation will own the Dropable App once it is complete. We will pay the developers good money to create this for us, so it will be really ours.

This needs to be recalculated indeed. Weā€™ll get back on this next week :slight_smile:

It should be 11500 $RARI indeed. That means the requested 87k $RARI goes down to 83.5k $RARI.

Will explain more in detail once we update the prooposal next week.

Thank you @Jose_StableLab for your valuable feedback :slight_smile:

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#19

I notice thereā€™s a lot of confusion surrounding the origins of this idea, so I want to take a moment to clarify. Over a year and a half ago, there was a proposal, RRC-7, in which 400K $RARI was transferred to the wallet 0xcD9f82Fe3B60a5C8482A69279AB5C8d0Be19cA24. The purpose was to fund reward programs and incentivize user engagement with Rari. However, those funds remained unused in the wallet, waiting for a reward incentives program organized by the RARI Foundation team. Unfortunately, all the programs that were launched were poorly conceived and ultimately failed, leaving the DAO with lost funds and almost no new users. Hundreds of thousands of USD were wasted. The last reward program which was initiated in April was shut down much earlier than planned because it was unsustainable as a business model. The DAO was losing money while gaining no value.

The plan we discussed back then during community calls was to reassess and modify the program.

Through months of study, we identified key problems:

Regarding NFTs, the Rari Chain is essentially dead. We have no collections, no users, and no volume. The Galxe program did generate a lot of trafficā€”many wallets were created, and ETH was bridged to Rari Chainā€”but we led all those people to an empty Rari Chain with no quality collections, no communities, no memes. Now, we want to shift our focus from targeting traders to targeting builders, collection creators, artists, community engagement, memes, and quality artwork.

Previous programs were easily manipulated, and people ended up walking away with free money. Weā€™re now upgrading the system to reward metrics beyond just providing liquidity.

We as DAO have already granted nearly 100K $RARI, with $RARI valued at $5 at the time (a half-million-dollar approval), to five projects. However, Iā€™m almost certain these projects wonā€™t come close to breaking even for the DAO, as they do not address the core issues related to community building, attracting builders, etc.

I believe that if we work together as a community and come up with a well-thought-out plan to attract people to the Rari Chain using the incentives that have already been approved and voted YES for, we can bring it back to life. Thank you, everyone, for your comments. Looking forward to continuing discussion and finding the best way possible.

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#20

The 300k $RARI will come from this wallet:
0xcD9f82Fe3B60a5C8482A69279AB5C8d0Be19cA24

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